Nigeria pumped 1.45mbpd in September amid oil rally
Nigeria’s oil production volume rose to 1.45 million barrels a day last month, up from the 1.29 million barrels it recorded in August, latest data from the Organisation of Petroleum Exporting Countries (OPEC) have shown.
Indeed, Nigeria’s production remains undermined by disruptions and maintenance challenges, even as sustained subsidy payments and lower production continue to take a toll on the country’s forex reserves and fiscal position.
At over $83 a barrel, the Federal Government is yet to enjoy the benefit of the rally, as OPEC expects this year’s global oil demand to grow by 5.8 million barrels per day (bpd) from the low 2020 levels, down from last month’s estimate of 5.96-million-bpd yearly growth.
Fintechs shun stock exchange for $876.5m funding overseas
Despite the worth of Nigeria Exchange Limited (NGX), estimated to be in excess of N20 trillion, financial technology (Fintech) firms are looking beyond the shores of Nigeria in pursuit of mega investments overseas.
Findings show that Nigerian Fintechs are approaching investors and getting funded, especially from venture capitalists (VC) in countries such as the United States, United Kingdom, Switzerland and Belgium. From these offshore destinations, these Fintechs have raised some $876.5 million in the last six years.
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From 2014 to 2020, for instance, Fintechs raised about $600 million in funding, attracting 25 per cent ($122 million) of the $491.6 million raised by African tech startups in 2019 alone – second only to Kenya, which attracted $149 million.
COVID: FG removes South Africa, Brazil, Turkey from travel restriction list
The federal government says it has taken South Africa, Brazil and Turkey off the list of countries from which travellers are restricted from entering Nigeria.
Boss Mustapha, chairman of the presidential steering committee (PSC) on COVID-19, disclosed this on Wednesday at a media briefing in Abuja.
Speaking at the briefing, Mustapha also said a revised protocol for international travel will be released within the next 24 hours.
“Over several months, four countries were placed on high level restriction for travlers from such countries. The PSC has, after a review of the developments in these countries, decided to remove South Africa, Turkey, and Brazil from the restricted list,” he said.
WHO: Global COVID death toll at lowest in almost a year
The World Health Organisation (WHO) says the death toll from COVID-19 is now at its lowest level in almost one year.
Speaking on Wednesday at a media briefing in Geneva, Tedros Ghebreyesus, WHO director-general, said although the deaths are now at its lowest level, the numbers are still unacceptably high.
“The number of weekly reported deaths from COVID-19 continues to decline, and is now at the lowest level in almost a year,” he said.
Reps fault budget deficit, loans, $57 oil benchmark, threaten MDAs
The House of Representatives on Wednesday began the second reading of the 2022 Appropriation Bill during which members debated the general principles of the national budget.
The lawmakers took turns to criticise the internal and external borrowings by the Federal Government, the huge budget deficit and failure by the ministries, departments and agencies to generate adequate revenue to finance the budget.
Chairman of the House Committee on Judiciary, Onofiok Luke (PDP/Akwa Ibom), in his contribution, stated that his first concern was the sum of N3.9tn proposed for debt servicing, which he said represented almost 25 per cent of the whole budget.
“This is worrisome and raises some issues and concerns. I believe the Federal Government should look at it and tinker with it,” he said.
